Realty Income raises 2026 AFFO guidance

Realty Income

06/05/2026 21:18

Overview

U.S. net lease REIT's Q1 revenue rose yr/yr, beating analyst expectations

Adjusted FFO per share for Q1 increased 6.6% yr/yr to $1.13

Company raised 2026 AFFO per share and investment guidance

Outlook

Company raises 2026 investment volume guidance to $9.5 bln from $8 bln

Realty Income increases 2026 AFFO per share guidance to $4.41-$4.44

Company maintains 2026 same store rent growth guidance at 1.0%-1.3% and occupancy at approx 98.5%

Result Drivers

PORTFOLIO EXPANSION - Co invested $2.8 bln during Q1, expanding its real estate portfolio in the U.S. and Europe

RENT RECAPTURE - Achieved a rent recapture rate of 103.4% on re-leased properties, indicating higher rents on new leases

PRIVATE CAPITAL PARTNERSHIPS - Formed strategic partnerships, including a $1 bln investment from Apollo, to diversify funding and support growth

Company press release: ID:nPn866gpQa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$1.55 bln
$1.45 bln (11 Analysts)
Q1 EPS
$0.33
Q1 Net Income
$311.8 mln
Q1 FFO
$993.6 mln
Q1 Adjusted FFO Per Share
$1.13
Q1 FFO Per Share
$1.06


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 18 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for Realty Income Corp is $68.00, about 7% above its May 5 closing price of $63.57

The stock recently traded at 37 times the next 12-month earnings vs. a P/E of 38 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)